MarieT
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Joined 15 years ago
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Re: This is an Inventory question using AR 2021
thanks Mike, I agree. Inventory was set up prior to my engagement; I have amended the linked accounts and it's working well. The main problem I believe is due to staff doing adjusting journal entries when they do stocktake. That's been discussed with the owner. Thanks again for your helpRe: This is an Inventory question using AR 2021
Thank you Gavin. They do have a substantial number of items – what a nightmare. I like your idea of making all inactive; recreate a new lot with no inventory but it sounds like a laborious exercise. I will contact an MYOB specialist prior to taking any further steps. Just to confirm, I have entered Inventory adjustments following their stocktakes and following the MYOB support notes, I allocated the changes (+ / -) to 5-xxxx the inventory adjustment accounts in the P&L. On a whim, I took a backup of the live file and opened it in my Library, then I changed he allocation to the Asset account; Stock on Hand and I must say, both the P&L and Balance Sheet look much better. I'm not sure if the coding is correct but I have emailed the accountant and showed him the reports both Live and the amended version – I’ll leave the decision as to our next move to his superior knowledge. You're been a great help Gavin – thank you !!! if you’re in Adelaide, let me know and I'll shout you a drink JThis is an Inventory question using AR 2021
Can anyone tell me if we can cease using Inventory (before EoFY). I've tried to untick the "I inventory this item" but it wont allow us to remove the saying "you have journal entries on file fr this item." I don't want to have to delete all the Sales & Purchases since 1/7/19 (a nightmare). I've tried just deleting the general journal entries for Inventory adjustments but MYOB doesn't accept that either. The accountant wants us to stop using Inventory as it's messing the P&L and Balance Sheet in a big way - and I can't work out why. Any help would be most appreciated.Solved